🇮🇳 India Daybook: Apollo Micro Systems Secures Mega Project, ICICI Bank Boosts AMC Stake

📍 ACQUISITION & INVESTMENT

• ICICI Bank: The bank executed a share purchase agreement to acquire an additional 2% stake in ICICI Prudential Asset Management Company (AMC) from Prudential Corporation Holdings Ltd for ₹2,140 crore.
• UGRO Capital: The company successfully acquired a 100% stake in Profectus Capital.
• JSW Infrastructure: Its subsidiary, JSW Port Logistics, is set to acquire three JSW-owned rake companies for ₹1,212 crore, marking an expansion into the railway rake business.
• Physicswallah: Approved a total investment of approximately ₹488 crore across multiple subsidiaries, including ₹400 crore in Penpencil Edu Services, ₹20 crore in Finz Fintech, ₹50 crore in Finz Finance, and $2 million in Knowledge Planet Holding.

📍 ORDER WIN & CONTRACTS

• Welspun Corp: An arm of Welspun Corp signed a contract valued at ₹1,165 crore with the Saudi Water Authority for the supply of steel pipes.
• Torrent Power: Signed a long-term agreement with Japan's JERA to procure up to 0.27 MMTPA of Liquefied Natural Gas (LNG) for a decade, commencing in 2027. This supply is intended to fuel its 2,730 MW gas-based power plants and support peak electricity demand.

📍 BUSINESS RESTRUCTURING

• Larsen & Toubro (L&T): The board approved the transfer of its realty business undertaking to its subsidiary, L&T Realty Properties Ltd., through a slump sale via a Scheme of Arrangement, subject to regulatory approvals.
• Siemens: Executed a slump sale agreement for the transfer of its low-voltage motors and geared motors business to Innomotics India Pvt Ltd for an enterprise value of ₹2,200 crore, with adjustments.
• Reliance Power: The company approved the reclassification of Reliance Capital from its promoter group to the public category.

📍 NEW PROJECTS & EXPANSION

• Apollo Micro Systems: Signed a Memorandum of Understanding (MoU) with the Telangana government to establish a significant greenfield defense manufacturing facility in Hyderabad. The project involves an investment of ₹1,500 crore and will focus on artillery and ammunition for both domestic and export markets.
• Delhivery: Rolled out 'Delhivery International,' a new service aimed at Indian MSMEs, and demonstrated a drone delivery that completed a 12 km route in approximately 12 minutes.

📍 FINANCIAL RESULTS

• Physicswallah: Reported a strong performance for the September quarter (Q2 FY26), with net profit increasing by 70% year-on-year to ₹69.7 crore and revenue growing by 26% to ₹1,051.2 crore. The adjusted EBITDA margin improved to 26%.
• Fujiyama Power Systems: Announced a Q2 consolidated profit surge of 97.4% year-on-year to ₹62.9 crore, with revenue jumping 72.6% to ₹567.9 crore.

📍 FUNDRAISING

• Mindspace REIT: The company approved a fundraise totaling ₹1,200 crore through Non-Convertible Debentures (NCDs).
• Shriram Finance: The board approved the allotment of 7,500 NCDs to raise ₹150 crore on a private placement basis, with an additional green shoe option of ₹100 crore.
• IndiGrid: The board approved a fundraise of ₹1,000 crore via rights and preferential issue.
• TCC Concept: The company approved the preferential allotment of 1 crore shares worth ₹592 crore to Pepperfry.

📍 OPERATIONAL UPDATES

• Mahindra & Mahindra (M&M): Reported robust November operational numbers, with total sales increasing by 19.6% year-on-year to 91,839 units. Exports saw a 7.5% rise, and production grew by 18.4%.
• IndiGo: The airline is facing potential government action due to widespread flight disruptions attributed to internal rostering and operational issues.
• G R Infra: Received a provisional completion certificate for a section of the Vadodara-Mumbai Expressway.
• UFLEX: Launched 'Project Plastic Fix,' a new initiative focused on plastic waste management and converting waste into valuable resources.
• Punjab National Bank: The bank received a penalty of ₹15 crore from the Appellate Tribunal under SAFEMA.
• ITC Hotels: Three entities collectively sold an 8.98% stake in the company.

📍 LEADERSHIP CHANGE

• R R Kabel: Vivek Abrol resigned from his position as Chief Executive Officer for the FMEG Business, effective January 15, 2026.
• Arvind Fashions: Anand Aiyer resigned as CEO for Brand Arrow due to personal reasons, effective January 9, 2026. Nitesh Kanchan has been appointed as the new CEO for Brand Arrow, effective January 1, 2026.

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